It is known in the air valve art to provide single or multiple pressure regulators to control the pressure of air supplied to an air cylinder or other device being controlled. Heretofore, multiple pressure regulators have been employed by mounting multiple directional valves in stacking fashion or on a common manifold base. However, such structure is expensive and awkward in use, and it is extremely difficult and expensive to provide pressure regulation to individual outlets. Because of the high cost, small space and relatively short life of diaphragms, and other components of pressure regulators, it is not common to use such multiple pressure regulators in a line between the outlet or cylinder port of a directional valve and a device being controlled as, for example, an air cylinder. Heretofore, it was known to provide flow control means in an air line between a directional control valve and a device being controlled as, for example, an air cylinder. Due to the complexity, space requirements and cost, it has not been practical heretofore to provide both pressure regulator means and flow control means between the cylinder: port of a directional control valve and a device being controlled, such as an air cylinder. The result has been a waste of air requiring excessive pumping capacity, a waste of energy, and an increase in the cost of using air as a power and control means. Examples of the prior art regulating valves are illustrated in U.S. Pat. Nos. 2,501,483; Re. 29,292; 3,400,735; 3,621,867 and 3,376,792. A further disadvantage of the prior art pressure regulating and flow control valves is that they did not provide a quick pre-exhaust function for quickly reducing the downstream pressure to a desired level. A combination pressure regulating and flow control valve has been provided as shown in applicant's co-pending U.S. application Ser. No. 786,273, and entitled "Pressure Regulating and Flow Control Valve". However, the pre-exhaust valve disclosed in the last mentioned application is located in a separate pre-exhaust flow path, parallel to the flow control path and accordingly, it requires a larger, more expensive, and more complicated valve body structure to include the separate pre-exhaust flow path.